The country’s most prolific oil and gas basin is expected to not just outpace other U.S. basins in production this year, but is forecast to produce more oil and gas than any other country except Saudi Arabia and Russia.
The Permian Basin in West Texas and New Mexico has experienced explosive growth in the last decade, and Rystad Energy predicts output to grow another 1 million barrels a day in 2022.
“The Permian has become the hot spot for US oil production thanks to significant resources, low breakeven costs and high oil content,” said Espen Erlingsen, head of upstream research at Rystad Energy. “This trend is only likely to continue as global oil markets struggle with supply constraints and the demand for oil shows little sign of easing.
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